SFL - Dividend Reinvestment and Direct Stock Purchase Plan

Press release from Ship Finance International Limited - 18.04.2008

Press release from Ship Finance International Limited April 18, 2008

Ship Finance International Limited (NYSE:SFL) ("Ship Finance" or the "Company") is pleased to announce that the Company has filed a registration statement on Form F-3 relating to a Dividend Reinvestment and Direct Stock Purchase Plan ("DRIP/DSPP" or the "Plan").

The Plan will be available to individual investors who wish to reinvest cash dividends in additional shares of common stock and/or to purchase the Company's common stock. The plan is available to new and current stockholders of record in the U.S.

Plan highlights:

If you are an existing shareholder, you may purchase additional common shares by reinvesting all or a portion of the dividends paid on your common shares.

If you are an existing shareholder, you may make optional cash investments of not less than $100 each and up to a maximum of $10,000 per month. In some instances, we may permit optional cash investments in excess of this maximum.

If you are a new investor, you may join the Plan by making an initial investment of not less than $250 and up to a maximum of $10,000. In some instances, we may permit initial investments in excess of this maximum.

As a participant in the Plan, you may authorize electronic deductions from your bank account for optional cash investments.

The offering is being made only by means of a prospectus. A prospectus related to the offering has been filed with the Securities and Exchange Commission and declared effective on April 15, 2008.

Mellon Bank, N.A will be the Plan Administrator, and copies of the prospectus may be obtained from Mellon Bank, N.A. at BNY Mellon Shareowner Services, c/o Mellon Investor Services, P.O. Box 358035, Pittsburgh, PA 15252-8035, telephone: (800) 301-3489 if you are in the United States or Canada, (201) 680-6578 if you are outside the United States or Canada, or (800) 231-5469 for the hearing impaired (TDD).

More information about the Plan can be found through the Company's website at http://www.shipfinance.no/IR/DRIP_DSPP.shtml. If you have further questions regarding the Plan, please contact BNY Mellon Shareholder Services for assistance.

The prospectus is can also be downloaded from the link below.

April 18, 2008

The Board of Directors

Ship Finance International Limited

Hamilton, Bermuda

Contact Persons:

Lars Solbakken: Chief Executive Officer, Ship Finance Management AS

+47 2311 4006 / +47 9119 8844

Ole B. Hjertaker: Chief Financial Officer, Ship Finance Management AS

+47 2311 4011 / +47 9014 1243

About Ship Finance

Ship Finance is a major ship owning company listed on the New York Stock Exchange (NYSE: SFL). Including newbuildings and announced acquisitions/disposals, Ship Finance has a fleet consisting of 72 vessels, including 35 crude oil tankers (VLCC and Suezmax), two chemical tankers, eight oil/bulk/ore vessels, 13 container vessels, three dry bulk carriers, two jack-up drilling rigs, six offshore supply vessels and three seismic vessels. The fleet is one of the largest in the world with a total cargo capacity of more than 11 million dwt. and most of the vessels are employed on long term charters.

More information can be found on the Company's website: www.shipfinance.org

Cautionary Statement Regarding Forward Looking Statements

This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Ship Finance management's examination of historical operating trends. Although Ship Finance believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Ship Finance cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.

Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this presentation include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and world wide oil consumption and storage, changes in the Company's operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.